Well keep in mind there are a lot of baby boomers (who still make up as large a cohort of the population as anyone) who have enjoyed a huge growth in wealth here in the last 5-7 years. These people paid their houses off just at a time when 9-11 happened and interest rates fell super low. They picked up additional properties that than proceeded to skyrocket. Meanwhile their parents who were the wealthiest generation to date have passed on and passed down a nice chunk of wealth to these boomers. So many have a fully paid for house of their own, a second or third property earning them a reasonable income and have inherited a nice windfall of money. As a result many of these people have headed elsewhere too.
I'm mulling over a potential job transfer to the Okanagan, and if you thought Alberta was pricey look there. My house in St.Albert is 50% more to buy in that region of the country and the income stats in that region are terrible. Reason being location and the sheer number of boomers owning retirement and vacation property in the region.
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